Trading in the US cash edible oil market remained quiet on Tuesday October 22.

Fastmarkets assessed the price of cottonseed oil, PBSY, fob Mississippi Valley, at $0.5000-0.5100 per lb on Tuesday, rising from $0.5000 per lb a day earlier on an uptick in soybean oil futures.

A trading source said that the nearby soybean oil market was very tight through the first half of November, with several larger suppliers not making any offers.

On Tuesday, Fastmarkets assessed the price of soybean oil, basis, crude-degummed, US Gulf, for nearby delivery, at a premium of 450-500 basis points per lb to the benchmark December soybean oil futures contract in Chicago. Offers were heard as high as 600 basis points per lb, but no business was heard done at these elevated levels. This compared with an assessed basis premium of 400 points per lb on October 22.

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